Impel Pharmaceuticals Inc.

Good morning, ladies and gentlemen, and welcome to Impel Pharmaceutical's third quarter 2022 earnings and business update conference call. At this time, all participants are in a listen-only mode. Later in this call, a question and answer session will be conducted and instructions on how to participate will be given at that time. As a reminder, today's conference call is being recorded, and now I would like to turn the conference over to Impel's Chief Financial and Business Officer, Dr. John Lehman. Please go ahead.

Thank you, Chris. And good morning, everyone. We are delighted that you could join us today for MPEL Pharmaceuticals Quarterly Earnings Conference call to review our third quarter 2022 commercial and financial results, as well as to provide a general business update. Joining me from MPEL this morning is Adrian Adams, MPEL's Chairman of the Board and Chief Executive Officer, and Lynn Palillo, Chief Commercial Officer. Before we begin, I would like to remind everyone that we have a slide presentation to accompany our conference call this morning, which can be viewed at our website at www.impelfarma.com. If you are listening to this call on your telephone, you may access a synchronized slide deck on our website by choosing the link on our webcast page that says click here to listen. Moving the slide to forward-looking statements, I'd like to remind you that during the call, the company will be making forward-looking statements that are subject to risks and uncertainties, that may cause actual results to differ from the results discussed in the forward-looking statements. With that, I will turn the call over to Adrian Atkins. Adrian?

Thank you, John, and good morning, everyone, and thank you all for joining us. I am pleased, as always, to update you on the commercial and corporate progress we have made in quarter three and year-to-date 2022. The agenda for today's call can be seen on our next slide, slide number three. During this call, we will provide a prescription performance update for Trudesa in addition to covering ongoing prescriber, market access, and patient dynamics data for the third quarter and year-to-date 2022. We will then briefly review our financial performance in addition to providing a status update on the market and clinical development opportunity with IMP 105 for the treatment of autism. I will then present an overall summary and an outlook for the business going forward before opening the call up for your valued questions. With this said, let's turn to slide number four to begin our commercial performance review with Tradesa. As you can see on this slide, Tradesa has continued a consistent and positive launch trajectory with sustained quarter-over-quarter growth in total prescriptions. The 27% increase in prescriptions from quarter two to quarter three comes as we completed the expansion of our Salesforce footprint from 60 to 90 sales professionals in late July. We are delighted that cumulative total prescriptions since launch have now reached close to 50,000, with this growth highlighting the clear unmet need that persists for people with migraine, patients who need predictable, consistent, and well-tolerated pain relief, a profile that can be delivered with Trudesa. Turning now to our next slide, slide number five. We're also pleased to see that the average weekly symphony NTRX numbers for Trudesa increased from an average of 1,245 per week in August to close to 1,500 per week in October. We believe that this inflection in performance is a direct result of our field force expansion with all lead performance indicators relating to new prescribers, new patient starts, and consistently high referral rates, all moving in a positive direction. On the right-hand side of this chart, you will note that the Tredesa market share is now over 5% within the acute branded market among prescribers. This, just 12 months into the launch of the product. Please now refer to slide number six, where we will take a closer look at the encouraging early signs related to the clear impact of our Salesforce expansion. New prescriptions, the key to continued product growth, increased by 45% versus the second quarter, signaling a significant acceleration. On the right-hand side of the slide, you will note we also saw another sizable jump in normalized new Rx's from September to October as we moved into the fourth quarter of this year. Importantly, these clear productivity gains from the Salesforce expansion go beyond just the number of reps deployed. With this in mind, please refer to our next slide, slide number seven. As you will see, we have seen an acceleration of new prescription growth across both new and existing territories. In September, only the second month After our expansion was complete, our original 60 territories saw normalized new prescriptions increase 53% compared to the average monthly new patient totals in the second quarter of 2022. At the same time, our 30 expansion territories surged by 38%, again, only two months after hitting the field. The smaller territory sizes that resulted from our Salesforce expansion amplified or targeted approach leads to greater efficiency and higher reach and frequency across all target segments and allows for significant increases in peer-to-peer education opportunities. Turning now to slide number eight. On this slide, I would like to highlight the 30% increase in new prescribers when comparing August to October, the three months post-Salesforce expansion, to the previous three months. We're delighted that we have now crossed over 2,000 unique prescribers since launch, and it is also worthy of note that since our launch in October 2021, only 64, or 3%, of Trudesa prescribers have lapsed, meaning they have gone longer than eight weeks without another new prescription, an impressive retention rate compared to other product benchmarks in this space. We believe this loyal prescribing comes from strong sales execution a smooth prescribing experience for healthcare professionals, and most importantly, rapid, consistent, and sustained pain relief for patients. Please now refer to next slide, slide number nine. The evolution of our net price continues, driven by the increasing percentage of reimbursed prescriptions with Tradesa. This now reaching close to 60% versus 53% and 54% in the first and second quarters respectively. This consistent progress supports our view that Tradesa is a sustainable growth and value-generating asset. Moving to the right-hand side of this slide, the refill rate with Tradesa has remained both consistent and high, averaging 63% since launch. This is impressive, and we believe, again, reflects high patient satisfaction and signals that patients are using Tredesa for more than the occasional severe migraine. Turning now to our next slide, slide number 10, I would like to share some qualitative data collected directly from current Tredesa patients. These data are consistent with feedback we have received from previous patient research, and importantly, with the clinical results seen in our pivotal Stop 301 Phase 3 study. Indeed, our confidence in the potential for Tredesa is rooted in the belief that we are changing and improving the lives of those suffering from migraine. When surveyed on key product benefits such as rapid onset, consistent pain relief at two hours, tolerability, and ease of use, patients reported very high satisfaction scores between 80 to 87%. When comparing Tredesa to their previous therapy, 67 to 74% of patients agreed or strongly agreed that Tradesa is more convenient, better tolerated, faster working, and more effective during a migraine compared to their previous therapy. We have maintained that despite new options for those suffering from migraine, patients and physicians are still in search of efficacy, And in light of the patient data we have just shared, the opportunity for continued significant growth for Tredesa comes into view. Please refer now to slide number 11. Symphony data continues to show that a very high percentage of patients, around 60%, drop off or switch away from GPAS, and more specifically, NERTEC and UBrelvit, at some point in therapy. Given the tolerability of these products, it is our contention that the primary reason for this continued turnover with GPATs is that prescribers are not finding the rapid, sustained, and consistent efficacy they're looking for in acute migraine treatments. This turnover in the market opens up a large pool of eligible patients, and more specifically, a significant ongoing opportunity for Tredesa. Looking at the right-hand side of the slide, you can see that while TUDESA does draw from a broad pool of patients, GPATs represent the most common previous therapy. Whether replacing a previous therapy or used in addition for specific attacks, we believe physicians are increasingly filling an efficacy void with TUDESA. With that, I will now turn the call over to John to review our financial results for the third quarter of 2022. John? Thank you, Adrian.